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Bertucci's Goes Belly Up

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Italian restaurant chain Bertucci's Monday said it has filed for bakruptcy.

The company said it filed voluntary petitions for relief under Chapter 11 in the United States Bankruptcy Court for the District of Delaware with Right Lane Dough Acquisitions, LLC serving as the Stalking Horse Bidder.

Under the asset purchase agreement, the Stalking Horse Bidder has agreed to purchase substantially all of Bertucci's assets and assume certain liabilities, subject to higher or otherwise better offers.

"Today's filing is expected to be seamless for Bertucci's guests, trading partners and vendors, and result in minimal disruption to its operations, allowing us to strengthen the company's financial structure and position it for significant future growth," said Brian Wright, CEO.

59 Bertucci's locations remain open for business, and Bertucci's anticipates completing its restructuring process expeditiously so the company will emerge under new ownership, with an improved financial position and stronger brand.

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